World Bank to invest $1 billion in battery energy storage projects

The World Bank Group has committed $1 billion towards a global programme to accelerate investment in battery storage systems in developing and middle-income countries. The commitment was made on the eve of the One Planet Summit held in New York. The programme will help countries increase their use of renewables, particularly wind and solar, by improving energy security, increasing grid stability and expanding electricity access. The $1 billion financing is expected to further mobilise $4 billion in concessional climate financing, and public and private investments. Under the programme, about 17.5 GWh of battery storage projects will be financed by 2025. In addition, the programme will support large-scale demonstration projects for new storage technologies suitable for harsh conditions and high temperatures in many developing countries. An international think tank on battery storage will also be set up by bringing together national laboratories, research institutions and development agencies to promote cross-border technological cooperation and training.